Kharg Island: The Oil Terminal That Could Spark Global Crisis

0:00On March 11th, the United States and Israel have steered clear of hitting Iran's key oil terminal on Carg Island during their strikes on the country. Experts warned that taking out this hub could push global oil prices up to $150 per barrel, way higher than the recent jump to $120. Strikes have hit around 5,000 targets in and near Iran, including refineries and fuel depots in Tehran, but oil infrastructure has stayed off limits so far. Oil prices have already climbed nearly $20 per barrel since the conflict started, thanks to tankers avoiding the straight of hormones. Carg Island handles about 90% of Iran's crude exports, pumping out between 1.3 million and 1.6 million barrels A. Day, mostly headed to China, it's a tiny spot in the Persian Gulf, perfect for loading massive tankers because of its deep water access. Just say knocking it off line with cripple Iran's economy and military funding, sparking a major crisis there.

1:00But the global ripple would be huge, especially with another 3.5 million barrels a day from Iraq already disrupted. Talks in Washington have floated seizing the island to squeeze Tehran harder, though no ground troops are nearby yet. For now, both sides seem to be holding back on that big move as tensions simmer in the region.